HE Governor of QCB Expects Islamic Finance

HE Governor of QCB Expects Islamic Finance to Flourish

Doha, March 16 (QNA) – HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Sauod Al-Thani highlighted the development of Islamic finance in recent years and added that the relatively new sector still faces many economic challenges.

Speaking during the Institute of International Finance Conference, His Excellency said that Islamic Finance institution must look to expand in Asia and the Middle-East and make use of the fact that London has become a hub for Islamic finance if these institutions are to grow further.

Assets of Islamic banks are now valued at $1.8 trillion. HE the Governor noted that the State of Qatar was keen on developing the sector since it established Qatar Islamic Bank back in 1982. Since then a total of four Qatari Islamic banks control 25% of the state’s banking assets. His Excellency added that potential growth of the sector worldwide requires a legislative framework that would maintain global financial stability.

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